And with a little research, it's possible to find the best fit for your financial goals. The good news is that you have a handful of good options for where to keep your down payment savings. However, it's crucial to know where to keep your hard-earned money to ensure it grows steadily and remains accessible. No matter what type of housing market we're in, saving for a down payment on a home is an exciting - and necessary - step toward homeownership. So, rather than taking out a mortgage loan with a rate near 7%, many potential buyers are opting to wait out the market instead while putting away money for a down payment. Home prices are also much higher than they were a few years ago, adding to difficulties buyers face in the current market.
With interest rates at 22-year highs and housing inventory near record-lows, it's a challenging time to buy a home. If you're planning to buy a home, make sure you're helping your down payment grow by choosing the right account for your savings.
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